Retirement: Cold-weather cities with benefits

For retirees who aren't afraid of a little cold weather, we suggest a couple of northern cities that offer ample cultural amenities.

CAMBRIDGE, MASS.

Population: 107,289

Median home price: $643,000

Cool feature: Harvard Square

If you live in Cambridge, there is no excuse for boredom: On any day of the week, you can attend a lecture, a museum exhibit or a concert. If you run out of things to do, you can take the subway (known as the T) to downtown Boston for only $1.05 if you're 65 or older.

The Cambridge/Boston metropolitan area offers some of the best health care in the country. Massachusetts General, the largest teaching hospital for Harvard Medical School, has specialists in more than 60 areas of health care.

Cambridge is one of the country's most walkable communities, and residents can accomplish most errands on foot. The city's crime rate is below the median for the U.S. and for Massachusetts.

Other than frigid winters, the biggest drawback is the cost of living. Massachusetts doesn't tax Social Security benefits and most government pensions, but other income is taxed at a flat rate of 5.2 percent. The median home price in the Boston-Cambridge-Quincy metro area is well above the national median, and within the Cambridge area, many condos are priced at $600,000 or more. On the plus side, the property taxes in Cambridge are among the lowest in Massachusetts.

ROCHESTER, MINN.

Population: 110,742

Median home price: $174,000

Cool feature: Skyways that shield shoppers from the elements

Let's get this out of the way: Nobody retires to Rochester for the weather. But once you figure out how to bundle up properly during the winter months, Rochester has a lot to offer, says Mayor Ardell Brede. Don't just take his word for it: The Milken Institute's survey of best cities for aging ranks Rochester seventh on its list of small metropolitan areas.

Its most recognizable asset is the Mayo Clinic, which attracts thousands of patients every year from around the world. The city's nursing homes are top-rated, and its hospitals provide specialty care for Alzheimer's patients.

Rochester has a thriving downtown connected by a series of skyways that shield shoppers from the elements. Every February, the Rochester Downtown Alliance sponsors SocialICE, which features ice-carving demonstrations for the kids and seven themed ice bars for the adults.

The median home price in Rochester is well below the national median. The violent crime rate is below average, too. Although Rochester isn't a walkable city (other than the skyways), it has a large fleet of taxicabs and shuttle buses so retirees who no longer drive may remain active in the community, Brede says.

(Sandra Block is a senior associate editor at Kiplinger's Personal Finance magazine. Send your questions and comments to moneypower@kiplinger.com. And for more on this and similar money topics, visit Kiplinger.com.)